Three Texas counties opted out of Social Security over 30 years ago by creating personal retirement accounts, and they have avoided a fiscal train wreck while providing retirees with even more retirement income.

Since 1980, when more than 75 percent of municipal workers in Galveston, Texas, voted and were permitted to opt out of the system, middle-income workers making $51,000 at retirement get $3,846 per month rather than $1,540 a month under Social Security.

Workers who earned $75,000 get $4,540 per month in retirement.

More importantly, if a worker participating in Social Security dies before retirement, he loses his contribution. But a worker in the Galveston Plan owns his account, so the entire account belongs to the estate.

There is no specified "retirement age," participants own their investment, can designate beneficiaries, can pass it on to their heirs and have a choice of options for payment of benefits.

Most importantly, politicians cannot raid the funds to pay other bills.

The Galveston model has demonstrated over 30 years that personal retirement accounts work. It could also serve as a model for reforming Social Security.

The government's Social Security program is a unique distinctive enterprise. It is neither an investment nor a savings account, but a Ponzi scheme that has run out of other people's money.